Taxation must be applied to offshore, Nazarbayev says

Astana, the capital of Kazakhstan hosted the economic and political event, Astana Economic Forum on May 25-26.

The theme of the forum is “New economic reality: diversification, innovation and knowledge economy” and major economy experts, analysts, financial institutions, and organizations attended the program.

During his speech, Nursultan Nazarbayev, the President of Kazakhstan voiced several key issues for the world economy and development.

He touched the offshore issue and offered a rational method to apply for the world’s welfare.

He said, “Today, according to experts, between $30 trillion and $40 trillion is being kept on offshore accounts. The introduction of at least one-percent global tax on those assets would allow raising education and healthcare in developing countries onto a qualitatively new level,” The Times of Central Asia reports.

“International Monetary Fund and World Bank must step up with effective measures to de-offshorize the global economy,” he added.

After that, he mentioned foreign investments to Kazakhstan, green economy alternatives and volume of Kazakhstan’s international reserves.